The institutions participating in the European pilot include Banque Internationale à Luxembourg, BBVA, Deutsche Bank, Natixis, Santander, Sberbank and UniCredit.
The European Central Bank (ECB) and Swift have launched this initiative with the aim to extend the reach of instant cross-border payments deeper into the European market. Banks will carry the cross-border legs of the payments, which they will then settle through TIPS, allowing for instant crediting of accounts at ultimate beneficiary banks across Europe.
